AIG Launches Primary Cyber Coverage for Property and Liability Exposures
July 19 2016 - 8:35AM
Business Wire
American International Group, Inc. (NYSE:AIG) today announced it
has launched CyberEdge Plus, a standalone policy specifically
designed to provide clients with primary insurance protection for a
broad range of cyber risks, including property damage, bodily
injury, business interruption, and product liability.
Using AIG’s cyber, casualty, and property capabilities,
CyberEdge Plus is the first primary coverage written by any carrier
in a standalone policy specifically to address these cyber
exposures.
“Cyber is a peril. It can no longer be considered a risk covered
by a traditional network security insurance product,” said Tracie
Grella, Global Head of Cyber Risk Insurance, AIG. “Companies in all
industries need access to coverage for property and liability
exposures that come with cyber connectivity, and they need that
coverage to start at the primary level.”
To offer this coverage, AIG has combined its cyber insurance and
risk mitigation offerings and partnerships with the knowledge,
data, and experience developed over decades of underwriting,
evaluating, and mitigating property, casualty, and financial line
risks.
AIG was the first carrier to offer cyber event protection for
property damage and bodily injury on an excess and
difference-in-condition basis through its CyberEdge PC policy,
which was launched in 2014.
The company has been providing stand-alone cybersecurity
insurance coverage since the late 1990s to help customers manage
risks and cover costs associated with data breaches, from forensic
investigations, credit monitoring, and reputation management to
business interruption, and compliance with state breach
notification laws.
As part of its cyber insurance coverage, AIG offers risk
mitigation expertise through a number of cyber specialists that can
offer clients independent analysis of their cyber-related exposures
and related coverage, as well as assistance with employee training,
compliance, threat intelligence, and incident response planning,
among other client risk services.
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today we provide a wide
range of property casualty insurance, life insurance, retirement
products, mortgage insurance and other financial services to
customers in more than 100 countries and jurisdictions. Our diverse
offerings include products and services that help businesses and
individuals protect their assets, manage risks and provide for
retirement security. AIG common stock is listed on the New York
Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig. These references with
additional information about AIG have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20160719005867/en/
American International Group, Inc.Matt Gallagher (Media):
212-458-3247; matthew.gallagher2@aig.comLauren Kochendarfer
(Media): 212-770-3155; lauren.kochendarfer@aig.comLiz Werner
(Investors): 212-770-7074; elizabeth.werner@aig.com
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